Double Zig Zag
This software component for MetaTrader 5 is built to enhance the capabilities of your trading environment. This Expert Advisor serves as automated trading software. It is utilized to monitor financial markets and execute trades based on predefined algorithmic rules, enabling precise position management without the need for constant manual oversight.
How to Setup and Use Double Zig Zag
1. Installation: Open the "File" menu, select "Open Data Folder," navigate to MQL/Experts, paste your file, and restart the terminal.
2. Activation: Drag the EA from the Navigator onto a chart, ensure "Allow live trading" is checked in the Common tab, and verify the AutoTrading button is green.
3. Optimization: Right-click your chart, choose "Expert List," click "Properties" to adjust inputs, and save your preferred setup as a set file for future use.
4. Maintenance: Regularly check the "Experts" tab in the terminal window to monitor trade logs and potential execution errors.
Frequently Asked Questions
Q: Why is my EA not opening trades? A: Check the "AutoTrading" button, ensure "Allow live trading" is enabled, and verify your broker allows automated trading on your account type.
Q: Can I run multiple EAs on one chart? A: No, each chart can only host one active EA; however, you can open multiple charts for different currency pairs to run several EAs.
Q: What does the "smiley face" icon mean? A: A smiley face in the top-right corner of the chart indicates the EA is successfully running; a frowny face means it is disabled.
Description & Settings
The Expert Advisor uses two ZigZag indicators for analysis: a smaller zigzag with parameters (13.5,3) and a larger zigzag with parameters multiplied by eight: (13*8,5*8,3*8)
To make a trading decision, the two legs of the last peak of a larger ZigZag (13*8,5*8,3*8) are analyzed, while the number of peaks of the smaller ZigZag (13,5,3) contained in these two legs is counted.
If a signal to open a BUY position is received, all SELL positions are closed. Vice versa: if a signal to open a SELL position is received, all BUY positions are closed.
Expert Advisor parameters:
k is the ratio of the number of peaks of the smaller zigzag in the legs of the larger zigzag
k2 is the ratio of the price difference in the peaks of the larger zigzag
Example:
The larger ZigZag (13*8,5*8,3*8) is shown in red, the smaller zigzag ZigZag (13,5,3) is yellow.
Respectively,
ABC
are the peaks of the larger ZigZag (13*8,5*8,3*8).
The legs
AB
and
AC
contain nine peaks of the smaller ZigZag (13,5,3).
Testing results on EURUSD,M1:
